芳烃橡胶早报-20260112

Group 1: Report Industry Investment Rating - There is no information about the report industry investment rating provided in the documents. Group 2: Report's Core Views - For PTA, the near - end TA device slightly reduced its load, the polyester load remained stable, and the inventory continued to decrease. However, with the concentrated introduction of polyester maintenance plans, the basis weakened, and the spot processing fee shrank. In the future, the high profit of PX will keep domestic production high and overseas production rising, reducing the de - stocking amplitude in the far - month. The short - term upward space is limited before the pre - holiday polyester maintenance plan, but the overall situation has not changed before the new device is put into operation. Attention should be paid to the progress of overseas production increase [1]. - Regarding MEG, the near - end domestic oil - based production has partial load reduction, and overseas maintenance has increased month - on - month. The port inventory decreased at the beginning of the week due to low arrivals, but the arrival forecast rebounded during the week. The basis remained weak, and the coal - based profit improved month - on - month. The overall inventory accumulation continues, and the absolute inventory is not low. The pattern is expected to remain weak under the continuous new production, and attention should be paid to short - selling opportunities on rebounds [1]. - For polyester staple fiber, the far - end device runs smoothly, the production and sales have improved month - on - month, and the inventory has slightly decreased. On the demand side, the opening rate of the polyester yarn end remained stable, the raw material inventory decreased, and the finished product inventory increased, with stable profits. After the raw material price correction, the spot processing fee of staple fiber has improved, but the futures price remains low. The downstream seasonality is expected to continue to weaken, and the production load remains high with limited inventory pressure. It is in a state of medium - low valuation and weak drive, with limited overall contradictions. Attention should be paid to the warehouse receipt situation [1]. - In the case of natural rubber and 20 - grade rubber, the daily and weekly price changes of various rubber products are provided. The specific market situation needs further analysis based on these price changes [1]. - For styrene, the daily price changes of relevant products such as ethylene, pure benzene, and styrene are presented, as well as the daily changes in the production profits of ABS, EPS, and PS. The overall market situation is affected by these price and profit changes [3]. Group 3: Summaries According to Related Catalogs PTA - Device and Load: Near - end TA device slightly reduced load, polyester load stable [1]. - Inventory and Basis: Inventory continued to decrease, basis weakened, spot processing fee shrank [1]. - Future Outlook: High PX profit keeps domestic production high and overseas production rising, far - month de - stocking amplitude reduced, short - term upward space limited [1]. MEG - Device and Load: Near - end domestic oil - based partial load reduction, overseas maintenance increased month - on - month [1]. - Inventory and Basis: Port inventory decreased at the beginning of the week, arrival forecast rebounded, basis remained weak [1]. - Profit and Outlook: Coal - based profit improved month - on - month, overall inventory accumulation continues, pattern expected to remain weak [1]. Polyester Staple Fiber - Device and Production - Sales: Far - end device runs smoothly, production and sales improved month - on - month, inventory slightly decreased [1]. - Demand Side: Polyester yarn end opening rate stable, raw material inventory decreased, finished product inventory increased, profits stable [1]. - Processing Fee and Outlook: Spot processing fee improved after raw material correction, futures price low, downstream seasonality weakening, production load high [1]. Natural Rubber and 20 - grade Rubber - Price Changes: Daily and weekly price changes of various rubber products are provided [1]. Styrene - Price Changes: Daily price changes of ethylene, pure benzene, styrene and related products are presented [3]. - Profit Changes: Daily changes in the production profits of ABS, EPS, and PS are shown [3].